They’ve been busy bunnies at Fitch the last couple of days as the ratings director himself takes to the wires saying that he is surprised about the severity of the current turmoil in EM’s. As such the company may be forced to change the ratings outlook on some of them with the next round of appraisals due in March.
In more good news for Europe he sees less downward pressure on European sovereign ratings than before and says a shift to current account surpluses in some ailing countries like Portugal is ” a watershed, very significant event”, he told a conference.
Sovereign ratings director Michele Napolitano was speaking in Lisbon.
